While it rarely comes as a surprise, the notice of default is typically the first official step in the foreclosure process. A notice of default is issued by the mortgage lender after the homeowner misses three or more scheduled monthly payments. While there is still time to take action and prevent foreclosure, the bank makes catching up very difficult when they start to refuse incomplete payments. Yes, your lender can refuse to accept your mortgage payment.
The first question that many ask after receiving a notice of default from their lender is: “How Long Until The Foreclosure?” In most cases, the lender gives the homeowner another 60 to 90 days after the notice of default before taking the next step in the foreclosure process. In total, most people have approximately four to six months before the home is sold at foreclosure auction unless action is taken.
People who have received a notice of default should contact a foreclosure attorney in their area as soon as they can. Oftentimes, early in the foreclosure process, it is easy for the homeowner to take the necessary steps to get caught up on payments with legal guidance. The further into the foreclosure process one goes before contacting a foreclosure defense attorney, the more difficult it becomes to save the home.
Can Not Pay Your Mortgage Payment in Full?
Most lenders are unlikely to accept incomplete or partial mortgage payments from people who have fallen behind. Not only will they not accept the payments, but they’ll also add on late fees and penalties making it even more difficult for the homeowner to get caught up. Filing for Chapter 13 Bankruptcy is a good option for homeowners with income who would prefer to save their home if their attempts at a loan modification aren’t accepted.
After falling behind by three months, many lenders will claim to consider homeowners for a loan modification. Loan modifications are designed to help homeowners make lower payments on their homes. Many homeowners describe the loan modification process in California to be frustrating and nearly impossible to navigate without legal or professional guidance.
I Have Been Denied a Loan Modification. What Option Do I Have?
The loan modification process can be very difficult, stressful, and frustrating, especially for someone who has received a notice of default from their lender. With the pressure of the foreclosure process inching closer to a sale date, submitting for a loan modification often provides hope, and then disappointment for homeowners.
Despite being told that the bank is working with them, what seems like a qualifying loan modification package often turns into a denied attempt. Oftentimes, the bank will deny the homeowner just weeks before their trustee sale date, making it difficult to take action before it’s too late.
Best Solution – Hire Us and We Will Stop Your Foreclosure
This isn’t a promise, as every situation is unique and requires personalized attention, but we have been able to stop foreclosures throughout Los Angeles and California for hundreds of clients. Our foreclosure attorneys offer free legal consultations for distressed homeowners who may be the victims of predatory lending. If you or a loved one has received a notice of default or is facing foreclosure, call us today.
